Yes, that is the answer I had found. From a fresh install of 10.6.3 from a retail DVD onto a blank disk, upgraded immediately to 10.7.3 from the Mac App Store, it had a default of command-F1. It's doubly strange, since typing command-F1 didn't even work for that, even though both the command and F1 keys work fine in other contexts!
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KenMay 8 '12 at 20:37

Along with Command ⌘ + Tab ⇥, hyperswitch allows Option ⌥ + Tab ⇥ to switch between windows of the same app. I find it much more useful than Command ⌘ + ~ (tilde) since Command ⌘ + ~ (tilde) only iterates through all windows, rather than just toggling between two.